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Biden nominates Powell for new term heading Fed: W.House

AFP

US President Joe Biden on Monday nominated Jerome Powell for a second term as Federal Reserve Chair, allowing him to continue his role overseeing the economy’s recovery from Covid-19.

If confirmed by the Senate, Powell will preside over the central bank’s response to the damage done by last year’s record downturn while fighting off inflation that has spiked in recent months, which put pressure on Biden’s administration and the Fed’s easy money policies.

The president had faced calls from progressive members of his Democratic Party to replace Powell, a Republican, with a more liberal candidate like Fed Governor Lael Brainard, but the White House announced she would serve alongside Powell as vice chair.

“We can’t just return to where we were before the pandemic, we need to build our economy back better,” Biden said in a statement. 

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“I’m confident that Chair Powell and Dr. Brainard’s focus on keeping inflation low, prices stable and delivering full employment will make our economy stronger than ever before.”

Appointed by Biden’s Republican predecessor Donald Trump and taking office in 2018, Powell has led the central bank’s response to the massive pandemic downturn, which saw it slash its lending rate to zero and roll out trillions of dollars in liquidity.

The bank has rolled back those measures as the economy has recovered, but inflation has also spiked, fueling a drop in Biden’s approval ratings.

However, Powell also changed policy at the Fed to keep interest rates lower for longer than normal to spur full employment, particularly for minorities and groups that are often disadvantaged. 

Powell and other central bank leaders argue the inflation wave will prove temporary and have said they do not forsee rate hikes at least until the middle of next year. 

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International

Trump to sign over 200 executive orders, declaring National Emergency at U.S.-Mexico Border

Donald Trump will sign over 200 executive orders this Monday, including declaring a national emergency at the southern U.S. border and designating Mexican drug cartels as terrorists on his first day as president, according to U.S. network Fox News.

A senior administration official familiar with the executive actions Trump will sign, and who was authorized to inform the media according to Fox News, said that the president will sign multiple “omnibus” executive orders, each containing dozens of significant actions.

The source indicated that Trump will declare a national border emergency, order the U.S. military to work with the Department of Homeland Security to fully secure the southern border, and make it a national priority to eliminate all criminal cartels operating on U.S. soil. This version of the emergency declaration had previously been reported by CNN News and was also confirmed to The Wall Street Journal on Sunday.

According to Fox News, Trump will close the border to all undocumented foreign nationals through a proclamation. He will also create task forces for national security protection, working with officials from the Federal Bureau of Investigation (FBI), Immigration and Customs Enforcement (ICE), and other agencies to “completely eradicate the presence of criminal cartels.”

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International

Trump appoints Stallone, Voight, and Gibson as special ambassadors to Hollywood

U.S. President-elect Donald Trump announced on Thursday the appointment of actors Sylvester Stallone (‘Rocky’) and Jon Voight (‘Midnight Cowboy’), as well as actor and director Mel Gibson (‘Braveheart’) as special ambassadors to the “very problematic” Hollywood.

“They will help me as special envoys to make Hollywood, which has lost many overseas businesses in the last four years, COME BACK BIGGER, BETTER, AND STRONGER THAN EVER,” he posted on his social media platform, Truth Social.

The Republican lamented all the “problems” he claims Hollywood faces and created this role with the aim of improving the situation from a business perspective.

“These three talented men will be my eyes and ears. I will do whatever they suggest,” he said.

Stallone had previously described Trump as the second George Washington, the first U.S. president (1789–1797) and one of the nation’s founding fathers, during a dinner after his victory in the November presidential elections, where he served as the master of ceremonies.

Meanwhile, Gibson attacked Trump’s rival, Vice President Kamala Harris, accusing her of having “the IQ of a fence.”

The Republican leader will be sworn in as president on January 20 on the steps of the U.S. Capitol, succeeding Democrat Joe Biden.

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International

Latin American and Caribbean diplomats voice concern over U.S. mass deportation plan

Diplomatic chiefs from ten Latin American and Caribbean countries expressed their “serious concern” over the announcement of a mass deportation of migrants, a measure they consider incompatible with human rights, according to a joint statement released this Friday.

The statement, which does not attribute the measure to any specific country, refers to the announcement made by U.S. President-elect Donald Trump, who has promised to carry out the largest foreign deportation operation in the history of the nation once he takes office next Monday. “The announcements of mass deportations are a serious cause for concern, especially due to their incompatibility with the fundamental principles of human rights and their failure to effectively address the structural causes of migration,” the statement said, released by Mexico’s Ministry of Foreign Affairs (SRE).

The signing countries—Brazil, Belize, Colombia, Cuba, El Salvador, Guatemala, Haiti, Honduras, Mexico, and Venezuela (almost all migrant-sending nations)—also committed to “defend the human rights of all migrants.”

This includes “rejecting the criminalization of migrants at all stages of the migration cycle” and “protecting them as a priority from transnational organized crime that profits from migration,” the document adds.

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